Mohammed Al Barwani LLC Group – Assignment of Issuer Ratings and Raising of the Existing Issue Rating

25 September 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned first time Issuer ratings on the Oman National Scale of Long-Term omBBB+ and Short-Term omA2 to the Mohamed Al Barwani LLC Group (MB). At the same time, CI has also raised the issue rating on the Oman National Scale assigned to the outstanding OMR30.1mn five-year Wakala sukuk, issued by Mohammed Al Barwani New Sukuk Issuance SPC (the sukuk Issuer), to ‘omBBB+’ (from ‘omBBB’). The sukuk was issued in June 2023. The Outlook on the Sukuk rating remains Stable. The Issuer of the Sukuk is a sole proprietor company incorporated in Oman by Mohamed Al Barwani LLC Group (MB or the Obligor) for the purpose of issuing the sukuk certificates.

As Mohamed Al Barwani LLC Group (MB) is both the issuer of a planned new Sukuk issue and the Obligor of the existing Sukuk issued by Mohammed Al Barwani New Sukuk Issuance SPC, both ratings are driven by the same credit strengths and credit…